Nigerian fintech bank, Opay, has said that it has shut down non-compliant accounts amid the recent Central Bank of Nigeria’s restriction.
Opay disclosed this in a statement on Tuesday, according to a Nairametric report.
Earlier today, it was reported that OPay, Palmpay, Kuda Bank, and Moniepoint had been restricted from onboarding new customers due to claims of the accounts being used for illegal foreign exchange transactions.
However, OPay had reacted to the restriction, saying that it remained committed to partnering with the CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing, and several other illegal financial activities.
The company had said:
“As a regulatory-compliant institution, OPay follows the rules the CBN and other regulators set to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.”
Due to the directive, Opay and other fintech companies have temporarily halted onboarding new customers and launching new wallets to support government efforts to mop up the financial industry.
“We want to assure our customers that their funds are secure and their data is protected, which is a temporary measure.” Opay had assured.
The other affected fintech businesses: Kuda, Palmpay and Moniepoint have yet to react to CBN’s latest directive.
